MCA finds inaccuracies in cos' financial disclosures
Posted Date : 19-Oct-2012 , 07:43:22 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has raised concerns about "misleading" inaccuracies in financial disclosures made by some companies in filings made through the new reporting format XBRL.Concerned over the inaccuracies, that were noticed during a random scrutiny, the Ministry has flagged the ...
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Corporate Law |
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Satyam's Rs 822-cr fixed deposit attached by ED
Posted Date : 19-Oct-2012 , 07:42:12 am | Posted By CASANSAAR
The Enforcement Direc-torate (ED) on Thursday attached fixed deposits of Rs 822 crore of the erstwhile Satyam Computer Services, kept with four banks. The move relates to a case under the Prevention of Money Laundering Act (PMLA) against the company’s promoter, B Ramalinga Raju, and others.
&...
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Finance |
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MCA begins rule-making for new Companies law
Posted Date : 19-Oct-2012 , 07:22:41 am | Posted By CASANSAAR
With the cabinet clearing the modified Companies Bill, activity has gathered pace in the ministry of corporate affairs (MCA). The ministry has appointed an advisory group to verify and oversee the rule making process of the new Companies Act. “An expert group comprising 7-8 people has been for...
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Corporate Law |
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Examination on 4th November 2012 at Shimla Centre (Himachal Pradesh) for IPCE / PCE is rescheduled to 19th November, 2012.
Posted Date : 19-Oct-2012 , 07:21:27 am | Posted By CASANSAAR
NOTIFICATION 15thOctober, 2012
No.13-CA(Exam)/N/2012/II: In partial modification of the Institute’s Notification No. 13-CA(Exam)/N/2012 dated 4thJuly, 2012, it is notified for general information that i...
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Students Zone |
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Gujarat HC issues notice to SEBI on stock exchange turnover issue
Posted Date : 19-Oct-2012 , 07:18:50 am | Posted By CASANSAAR
Gujarat High Court on Thursday issued notice to Securities and Exchange Board Of India (SEBI) while hearing a public interest litigation (PIL) challenging the stock market regulator's notification with regard to regional stock exchanges (RSE).
A division bench of Chief Justice Bhaskar Bhatt...
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SEBI |
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KPMG appoints Richard Rekhy as CEO
Posted Date : 18-Oct-2012 , 08:10:03 am | Posted By CASANSAAR
KPMG today said it has appointed Richard Rekhy as new chief executive for its India operations. Rekhy, who was earlier the Head of Advisory at KPMG in India, will succeed Russell Parera, a statement issued here said. On his appointment, Rekhy said, "The global and...
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Auditing |
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RIL not allowing CAG audit : Oil Ministry
Posted Date : 18-Oct-2012 , 08:06:51 am | Posted By CASANSAAR
The Oil Ministry has informed the Prime Minister's Office that it has not given final nod to Reliance Industries' plans to raise natural gas output from the flagging KG-D6 fields as the firm has refused to allow audit of its expenditure by CAG.
Oil Secretary G C Chaturvedi told a meeting conv...
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Auditing |
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Service exporters hit by sudden halt in tax refunds
Posted Date : 18-Oct-2012 , 08:03:26 am | Posted By CASANSAAR
Software exporters, BPOs, consultants and other service exporters have been hit by a sudden halt in service tax refunds in the past few months. Service tax commissionerates across the country have been rejecting tax refund claims of these companies, which also include knowledge processing outsourcin...
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Service Tax |
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Peak Filing Preparation 2012 - MCA 21
Posted Date : 18-Oct-2012 , 08:01:21 am | Posted By CASANSAAR
ANNOUNCEMENTSub: Peak Filing Preparation 2012 - MCA 21
As you are aware it is time of peak filing of Balance Sheet & Annual Return under the Companies Act, 1956.
In order to ensure smooth filing and to avoid last minute rush, the Ministry of Corporate Affairs vide its General Circular No...
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Corporate Law |
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Concerns rise as more U.S. audit work moves to India
Posted Date : 17-Oct-2012 , 07:53:25 am | Posted By CASANSAAR
Auditing of U.S. corporations' financial books, a vital underpinning of investor confidence, increasingly relies on work carried out in India, where there is no clear system of oversight.
U.S. audit regulators do not conduct regular physical inspections of offshore centers in India where U....
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Auditing |
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Govt set to ease FDI rules for companies
Posted Date : 17-Oct-2012 , 07:49:38 am | Posted By CASANSAAR
The government is likely to let foreign investors subscribe to warrants and partly paid-up shares issued by companies as part of a move to speed up approvals and facilitate faster flow of overseas funds into the economy.
Government officials told TOI that the move, which has been in the pip...
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International Business |
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Chowdary appointed new Member (inv) in CBDT
Posted Date : 17-Oct-2012 , 07:44:54 am | Posted By CASANSAAR
Senior IRS officer K V Chowdary has been appointed as the new Member (investigations) in the Central Board of Direct Taxes (CBDT) under Finance Ministry.The tax officer has moved to the new post in the Board as senior Income Tax officer Anita Kapur has joined the CBDT as Member (Audit and Judicial),...
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Income Tax |
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Kingfisher Airlines' employees get income-tax notices on non-payment of taxes
Posted Date : 17-Oct-2012 , 07:40:40 am | Posted By CASANSAAR
A seven-month backlog in unpaid salaries is not the only menace Kingfisher Airlines staff is grappling with these days. In a double whammy to Kingfisher's employees, the income-tax department has begun sending out notices directing them to clear tax liabilities, which run into several lakh...
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Income Tax |
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RBI to set aside funds for buying illiquid gilts
Posted Date : 17-Oct-2012 , 07:38:27 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is working with the government to set aside funds for buying illiquid gilts from the market. “Over a period of time we will have some budget where we will try to repair some of those securities in which volumes are low, and create volumes for those securities wh...
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RBI |
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Ministry of Corporate Affairs - XBRL filings
Posted Date : 17-Oct-2012 , 07:35:10 am | Posted By CASANSAAR
MCA has released final version of the MCA XBRL Validation Tool and XBRL Filing Manual V2.0. Final Validation Tool and subsequent XBRL filings of financial statements for F.Y. 2011-12 have been enabled on MCA website with effect from 14.10.2012. Based on the feedback received from various stakeh...
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Corporate Law |
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Vikram Pandit steps down as Citigroup CEO
Posted Date : 16-Oct-2012 , 10:43:07 pm | Posted By CASANSAAR
In an abrupt exit, Citigroup's India-born CEO Vikram Pandit resigned on Tuesday after nearly a five-year tenure during which he steered US’s third-biggest bank through the difficult years after the 2008 financial crisis.Nagpur-born Columbia University graduate Pandit (55), who had been the CEO...
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International Business |
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Take penal action against cos exposing markets & investors to fraud: SEBI to depositories
Posted Date : 16-Oct-2012 , 10:41:26 pm | Posted By CASANSAAR
SEBI has decided to empower depositories to take penal action against companies that do not properly reconcile their demat and physical shares and thus expose the equity market and investors to possible frauds.
A senior official said the depositories have the mandate to help the companies ...
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SEBI |
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Change in Tariff Value of RBD Palmolein, Brass Scrap (All Grades) Poppy Seeds, Gold and Silver Notified
Posted Date : 16-Oct-2012 , 10:39:37 pm | Posted By CASANSAAR
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs (CBEC), being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of Ind...
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Custom |
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MCA likely to tighten fund raising norms by unlisted companies
Posted Date : 16-Oct-2012 , 07:55:32 am | Posted By CASANSAAR
Taking a leaf out of the Sahara case, the Corporate Affairs Ministry is contemplating to tighten fund raising norms from the public by unlisted companies.
The Ministry, according to an official, is of the view that an unlisted company should not be allowed to raise funds either through priv...
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Corporate Law |
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Sebi notifies IPO reforms; funds usage comes under scrutiny
Posted Date : 16-Oct-2012 , 07:53:04 am | Posted By CASANSAAR
Market regulator Sebi today notified wide-ranging reforms in IPO market, including a strict vigil on usage of issue proceeds, greater disclosure by companies and their bankers and allotment of a minimum number of shares to retail investors. As per the notification issued by ...
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SEBI |
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Indirect tax collections grow 15.6 % in first half
Posted Date : 16-Oct-2012 , 07:50:14 am | Posted By CASANSAAR
Indirect tax collections have risen at a low rate of 15.6 per cent to Rs.2.17 lakh crore in April-September, against the annual target of 27 per cent, due to slowdown in economic activity.
Excise duty collections during the period totalled Rs.80,000 crore, while customs duty mop up was at R...
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Excise |
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New FDI policy in conflict with FEMA regulations: SC
Posted Date : 16-Oct-2012 , 07:48:20 am | Posted By CASANSAAR
The Centre may have to defer till November 5 implementation of its decision allowing FDI in retail trading with the Supreme Court on Monday pointing to a technical glitch.
A bench comprising Justices R M Lodha and A R Dave agreed with PIL petitioner M L Sharma that the decisions relating to 51% FDI...
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International Business |
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63rd Annual Report and Audited Annual Accounts of the Institute for the year 2011
Posted Date : 16-Oct-2012 , 07:45:36 am | Posted By CASANSAAR
15th October, 2012
63rd Annual Report and Audited Annual Accounts of the Institute for the year 2011 – 2012.
In accordance with the provisions as contained in sub-section (5B) of Section 18 of the Chartered Accountants Act, 1949, a copy of the Annual Repor...
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ICAI |
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Penalty justified even if defaulter agrees to pay up: Tribunal
Posted Date : 15-Oct-2012 , 11:17:36 am | Posted By CASANSAAR
Even if a taxpayer, fearing he will be slapped with a penalty post a scrutiny assessment, comes clean and offers to pay tax on under-disclosed income, there is still ground enough to levy penalty for misstatements, held the Income-tax Appellate Tribunal in B.R. TV vs Assistant Commissioner of I...
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Income Tax |
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Paying tax soon to be a fundamental duty
Posted Date : 15-Oct-2012 , 11:13:14 am | Posted By CASANSAAR
Pay tax not just to relax, as the Income Taxdepartment says, but also to contribute to nation building as part of our soon-to-be fundamental duty.
The finance ministry plans to propose that paying tax be made a fundamental duty, hoping the move will increase complia...
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Income Tax |
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Govt to conduct random audit to check corruption in MGNREGA Projects
Posted Date : 15-Oct-2012 , 10:58:21 am | Posted By CASANSAAR
Expressing concern over complaints of corruption in the Mahatma Gandhi National Rural Employment Guarantee scheme (MGNREGA) projects, Union Rural Development Minister Jairam Ramesh yesterday said that the government has decided to conduct audit of ten per cent of villages on a random basis every yea...
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Auditing |
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RTI can
Posted Date : 13-Oct-2012 , 08:17:34 am | Posted By CASANSAAR
Prime Minister Manmohan Singh on Friday cautioned against the “frivolous” and “vexatious” use of the RTI Act, saying that the citizens’ right to know should be circumscribed if it encroaches on an individual’s privacy.
He also warned against blanket exten...
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General |
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CAG inspection report says Salman Khurshid trust misused funds
Posted Date : 13-Oct-2012 , 08:14:45 am | Posted By CASANSAAR
The Comptroller and Auditor-General has pointed to malpractices in a trust controlled by law minister Salman Khurshid and asked the government to recover Rs71.50 lakh with interest.A sting operation conducted by a TV channel too had alleged irregularities by the Dr Zakir Hus...
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Income Tax |
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Infosys CFO V Balakrishnan to step down, CA.Rajiv Bansal to take over
Posted Date : 13-Oct-2012 , 07:55:39 am | Posted By CASANSAAR
Infosys CFO V Balakrishnan will step down from his current role at the end of this month to focus on three areas which the company said are strategic to it - the India business, the BPO business and the banking software product Finacle. He will remain on the board of the company. Balakrishnan, ...
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Income Tax |
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TDSAT rejects telecom department's plan to tax internet, broadband services at 8 per cent
Posted Date : 13-Oct-2012 , 07:49:21 am | Posted By CASANSAAR
The telecom disputes tribunal on Friday dismissed the government's plans to charge internet service providers or ISPs a fee of 8% of their annual revenue from April, 2013. The tribunal upheld an Internet Services Providers Association of India (Ispai) petition challenging the governm...
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Service Tax |
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